Navios Maritime Containers L P : Q1 2020 Earnings Presentation May 7, 2020

May 07, 2020 at 06:09 pm EDT

Navios Maritime Containers L.P.

Q1 2020 Earnings Presentation

May 7, 2020

Navios Maritime Containers L.P.

Forward Looking Statements

This presentation contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, including future contracted revenues and rates, EBITDA, future available days, future financial performance of the fleet, timing of vessel deliveries, vessel acquisitions, financing activities, and Navios Containers' growth strategy and measures to implement such strategy, including future vessel acquisitions and the ability to secure or refinance related financing, the further growth of our containership fleet, and entering into further time charters. Words such as "may," "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by Navios Containers at the time these statements were made. Although Navios Containers believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Containers. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, risks relating to: global and regional economic and political conditions including the impact of the COVID-19 pandemic and efforts throughout the world to contain its spread, including effects on global economic activity, demand for seaborne transportation of the products we ship, the ability and willingness of charterers to fulfill their obligations to us and prevailing charter rates, shipyards performing scrubber installations, drydocking and repairs, changing vessel crews and availability of financing; potential disruption of shipping routes due to accidents, diseases, pandemics, political events, piracy or acts by terrorists, including the impact of the COVID-19 pandemic and the ongoing efforts throughout the world to contain it; the favorable timing for acquisitions and chartering opportunities in the container shipping sector and Navios Containers' ability to take advantage of such opportunities; the value of container shipping vessels; Navios Containers' ability to identify container shipping vessels for acquisition at attractive prices, if at all, including the availability of distressed acquisition opportunities in the container shipping industry; Navios Containers' ability to execute on a low-cost operating structure; Navios Containers' ability to achieve a return on investment for and to pay cash distributions to our unitholders or make common unit repurchases from our unitholders; any advantages resulting from Navios Containers' strategic focus on intermediate-size containerships; Navios Containers' ability to leverage the scale, experience, reputation and relationships of the Navios Group, consisting of Navios Maritime Holdings Inc., Navios Maritime Acquisition Corporation, Navios Maritime Partners L.P., and any one or more of their subsidiaries and affiliates. Navios Containers' future financial condition or results of operations and its future revenues and expenses, including its estimated adjusted cash flow; the loss of any customer or charter or vessel; the aging of Navios Containers' vessels and resultant increases in operation and drydocking costs; Navios Containers' ability to maintain long-term relationships with major liner companies; Navios Containers' ability to access debt, credit and equity markets; potential liability from litigation and our vessel operations, including discharge of pollutants; Navios Containers' and the Navios Group's performance in safety, environmental and regulatory matters; increases in costs and expenses, including but not limited to, crew wages, insurance, technical maintenance costs, spares, stores and supplies, charter brokerage commissions on gross voyage revenues and general and administrative expenses; the changes to the regulatory requirements applicable to the shipping and container transportation industry, including, without limitation, stricter requirements adopted by international organizations, such as the International Maritime Organization and the European Union, or by individual countries or charterers and actions taken by regulatory authorities and governing such areas as safety and environmental compliance; the anticipated taxation of Navios Containers and its unitholders; and the effects of increasing emphasis on environmental and safety concerns by customers, governments and others, as well as changes in maritime regulations and standards. Navios Containers expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Containers' expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Navios Containers makes no prediction or statement about the performance of its common units.

Navios Maritime Containers L.P.

Definitions

EBITDA represents net income/(loss) attributable to Navios Containers' common unitholders before interest and finance costs, before depreciation and amortization. Navios Containers uses EBITDA as a liquidity measure and reconciles EBITDA to net cash provided by/(used in) operating activities, the most comparable U.S. GAAP liquidity measure. EBITDA is calculated as follows: net cash provided by/(used in) operating activities adding back, when applicable and as the case may be, the effect of: (i) net increase/(decrease) in operating assets; (ii) net (increase)/decrease in operating liabilities; (iii) net interest cost; (iv) deferred finance charges; and (v) payments for drydock and special survey costs. Navios Containers believes that EBITDA is a basis upon which liquidity can be assessed and represents useful information to investors regarding Navios Containers' ability to service and/or incur indebtedness, pay capital expenditures, meet working capital requirements and pay dividends. Navios Containers also believes that EBITDA is used:

by prospective and current lessors as well as potential lenders to evaluate potential transactions; (ii) to evaluate and price potential acquisition candidates; and (iii) by securities analysts, investors and other interested parties in the evaluation of companies in our industry.

EBITDA is presented to provide additional information with respect to the ability of Navios Containers to satisfy its respective obligations, including debt service, capital expenditures, working capital requirements and pay dividends. While EBITDA is frequently used as a measure of operating results and the ability to meet debt service requirements, the definition of EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation.

EBITDA has limitations as an analytical tool, and therefore, should not be considered in isolation or as a substitute for the analysis of Navios Containers' results as reported under U.S. GAAP. Some of these limitations are: (i) EBITDA does not reflect changes in, or cash requirements for, working capital needs; (ii) EBITDA does not reflect the amounts necessary to service interest or principal payments on our debt and other financing arrangements; and (iii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future. EBITDA does not reflect any cash requirements for such capital expenditures. Because of these limitations, among others, EBITDA should not be considered as a principal indicator of Navios Containers' performance. Furthermore, our calculation of EBITDA may not be comparable to that reported by other companies due to differences in methods of calculation.

Navios Maritime Containers L.P.

Navios Universe

Navios Maritime

Containers L.P.

(Nasdaq: NMCI)

29 Containerships

Premier Ship Owner

~200 vessels controlled
Economies of scale
Global brand
Value creation through cycle
Strong Industry relationships
Seasoned Management

Navios Maritime

Partners L.P.

(NYSE: NMM)

48 vessels (3): 14 Capes, 20 Panamaxes, 4 Ultra-

Handymaxes, 10 Containerships

Navios Maritime

Acquisition

Corporation

(NYSE: NNA)

46 vessels (1): 31 product

tankers, 13 VLCCs, 2

Navios Maritime

Holdings Inc.

(NYSE: NM)

53 dry bulk vessels:

35 owned (2), 18 chartered-in

Navios South

American

Logistics Inc.

Port Terminal facilities,

barging & cabotage

chemical tankers

Special Purpose

Vehicle

Navios Europe II (4)

14 vessels: 7

Containerships, 5 Panamax,

2 Handymax

Includes three newbuild vessels on bareboat charter expected to be delivered in Q4 2020 and Q1 and Q3 2021
Includes one Panamax vessel agreed to be sold; includes fivebareboat-in vessels of which one is expected to be delivered in Q2 2020
Includes threebareboat-in Panamax vessels; two expected to be delivered by H1 2021
The structure is expected to be liquidated during Q2 2020

Navios Maritime Containers L.P.

Ownership Structure

	Common Unitholders
Navios Maritime	Navios Maritime
Partners L.P.	Holdings Inc.
	62.8% Interest
33.5% Interest	3.7% Interest

Navios Maritime Containers L.P.

(NASDAQ: NMCI)

100% Interest

29 Containerships

25 x Baby Panamaxes	4 x New Panamaxes
22 x 4,250-4,730 TEU 13 x 3,450 TEU	12 x 8,204 TEU	12 x 10,000 TEU

Navios Maritime Containers L.P.

NMCI: Company Highlights

Containership

Vehicle Focused on Panamax Segments

Strong Balance Sheet

Leverage Existing Operating Platform

Strong Sponsor with

Seasoned

Management

Attractive entry point and clean,low-cost structure
Focused on two most attractive segments from a demand/supply perspective
- "Baby Panamaxes" (3,450 - 4,730 TEU)
- "New Panamaxes" (7,500 - 10,000 TEU)
Charter policy balances utilization and market opportunity
Well-capitalizedvehicle with conservative leverage
No significant debt maturities until 2023
Attractive cost basis in existing fleet (acquisition prices close to scrap values)
Leverage established large operating platform
Economies of scale
Charterers prefer to deal with large and reliable owners
Management team - average industry experience of 20+ years per person
Strategic relationships with banks and other key industry players
Track record of financial reporting, compliance and accountability
Demonstrated access of Navios Group to debt and equity capital markets

Navios Group's Containership Vehicle - Right of First Refusal for all Containerships (1)

(1) As per Omnibus Agreement

Navios Maritime Containers L.P.

Pandemic's Impact on Container Trade

IMF expects global economy to shrink by 3% during 2020 and increase by 5.8% in 2021

Advanced economies forecast to decline 6.1% in 2020 and increase by 4.5% in 2021

China and India expected to grow 1.2% and 1.9% in 2020 and increase by 9.2% and 7.4% in 2021, respectively

			World Quarterly GDP
105.00
100.00
95.00
90.00	Advanced Economies
85.00	Emerging Market and Developing Economies

Q1 2019	Q2 2019	Q3 2019	Q4 2019	Q1 2020	Q2 2020	Q3 2020	Q4 2020
QoQ					Q1 2020	Q2 2020	Q3 2020	Q4 2020
US					-4.8%	-27.3%	9.0%	6.9%
Eurozone					-3.8%	-7.6%	3.2%	1.8%
China					-9.8%	8.2%	4.5%	2.5%

Container trade exposed to disruption to world economic activity

2020 container trade is projected to contract by 10.6% in TEU and increase by 9.6% in 2021

Biggest drop (up to 30%) is expected in Q2 2020

As economies recover in 2H 2020, volumes projected to improve

Source: IMF Apr 2020; Q1 2019=100, Bloomberg, Clarksons

Navios Maritime Containers L.P.

Recent Developments

Strong financial results - Q1 2020

EBITDA

$17.8 million

Net Income$5.0 million

EPU

$0.14

Strong balance sheet - low leverage

~ 80% of bank debt covered by scrap value of our fleet(1)
No significant debt maturities until 2023

Low breakeven mitigates market downturn

The pandemic slowdown will be reflected in the Q2 2020 results
Breakeven per open day per quarter

Q2 2020E	Q3 2020E	Q4 2020E
$6,734	$9,101	$9,775

Successful closing of new sale and leaseback transaction

• Vessels: 2 x 10,000 TEU and 2 x 8,204 TEU containerships

• Maturity: 2025/2027 (3.5 years average extension)

• Age adjusted profile: 22 years (10% improvement)

• Margin (average): 3.18% (2% improvement)

(1) Scrap value based on $365/LDT (Clarksons - Container Intelligence Monthly - March 2020)

Navios Maritime Containers L.P.

Cost Structure - 9M 2020E

Contracted revenue (average daily rate)Total cost per day (1)

$15,632(2)

	$11,636
44.0% Fixed	$3,201
$1,115
(incl. Index linked)
	$805
	$6,515
9M 2020E	9M 2020E

Opex		General & Administrative Expenses

($ thousands)			9M 2020E
Total fixed revenue (2)	$48,928
Total cost (1)	(92,796)
Cost over revenue	$(43,868)
Open and index days	4,845
Breakeven per open day	$9,054


Interest Expense		Capital Repayments

TEU	Open	Index	Open and
Days	Days	Index Days
3,450	486	-	486
4-5,000	3,736	380	4,116
8,204	243	-	243
Total	4,465	380	4,845

Total available days of fleet: 10,614 for FY 2020E; 7,975 for 9M 2020E
$47.5 million expected additional revenue based on Clarksons rates(3)6-12 month rates for 3,500 TEU vessels, 4,400 TEU vessels and 8,500 TEU of $8,500, $9,500 and $17,500 respectively.

Total cost includes operating expenses as per Management Agreement (excluding drydocking expenses), general and administrative expenses and debt service (interest expense and capital repayments).
Excludesindex-linked charters

(3) Data as per April 24, 2020

Navios Maritime Containers L.P.

Liquidity and Debt Maturity Profile

March 31, 2020

(US $'000)

	As of March 31, 2020
Cash	$20,623
Debt (1)	$256,673
Partners' Capital	$194,989
Capitalization	$451,662
Net Debt / Capitalization	52.3%

Debt maturity

80

60

)
40

million($
20				10.9	45.1	13.5	43.5

0


2020	2021	2022	2023	2024	2025+

No Significant Debt Maturities Until 2023

Net of deferred financing fees.

Navios Maritime Containers L.P.

Fleet and Operations Overview

Navios Maritime Containers L.P.

Summary of Containership Fleet

29 Vessels (143K TEU)

Average age of combined fleet: 11.8 years ~ 8% younger than industry average (1)


2 Vessels	2 Vessels	22 Vessels	3 Vessels
10,000 TEU	8,204 TEU	4,250 - 4,730 TEU	3,450 TEU

Total: 20,000 TEU	Total: 16,408 TEU	Total: 96,063 TEU	Total: 10,350 TEU

(1) Source: Clarksons

Navios Maritime Containers L.P.

Employment Summary for Fleet of 29 vessels

Navios Azure

Navios Devotion

Navios Domino

Navios Vermilion

Navios Utmost

Navios Delight

APL Oakland

APL Los Angeles

Bahamas

Navios Spring

Navios Felicitas

Navios Amaranth

APL Denver

Navios Verano

Navios Amarillo

Navios Miami

APL Atlanta

Navios Destiny

Navios Indigo

Navios Verde

Navios Dedication

Bermuda

Dry dock

Spot

May-20-- $21,231

May-20-- $9,134

May-20-- $10,133

May-20-- $10,001

May-20-- $10,213

May-20-- $8,888 / $7,700

May-20-- $12,588

May-20-- $9,650

May-20(1)-- $27,156

May-20-- $8,455

May-20-- $12,113 / $9,500

Jun-20-- $12,541

Jun-20-- $27,156 Aug-20--$9,525

Aug-20-- $11,454

Sep-20-- $12,416

Sep -20--$11,850

Sep-20-- $12,063

Sep-20-- $12,359

Fleet charter coverage

9M 2020E

44.0%(3)

56.0%

Fixed days Open days

Navios Summer

Navios Lapis

Navios Dorado

Navios Unite

Navios Tempo

Navios Constellation

Navios Unison

	Nov --20-- $10,517
May-20-- $11,152	Dec-20-- Index (2)
	Jan-21-- $13,776
	Apr-21-- $23,160
Jul-20-- $9,446	July-21	-- Index (2)
	Nov-20-- $26,325	May-24-- $27,300
	May-21-- $26,325	May-24-- $27,300

Apr-20Oct-20Apr-21Oct-21Mar-22

Daily charter-out rate net of commissions, where applicable. See fleet appendix for further detail

Charter expiration dates shown reflect expected redelivery date based on the midpoint of the full redelivery period in the charter agreement, unless otherwise noted

Charter expiration dates shown reflect earliest redelivery date of the full redelivery period in the charter agreement
The market rate will be calculated according to the Container Ship Time Charter Assessment Index (ConTex) as published for a 4,250 TEU vessel for a12-month period

(3) Includes index-linked charters	13

Navios Maritime Containers L.P.

Industry Overview

Navios Maritime Containers L.P.

World Container Trade 1996-2020

									World trade growth
m TEU							2019 P			1.8%				growth
						2020 F			-10.6%
220												25%
	1996 - 2019 CAGR = 6.5%
200				2021 F			9.6%
													20%

180
160										13.7%				15%
												9.6%

140												5.8%		10%
120												4.3%
										5.0%	4.6%		5%
100													1.8%


80												2.0%		0%
60														-5%

40									-9.5%				-10%
20
												-10.6%

0					2005			2009			2013 2014			-15%
1996	1997	1998 1999 2000	2001	2002 2003 2004	2006	2007 2008	2010	2011 2012	2015 2016 2017	2018 2019 P 2020 F	2021 F
		World Trade			Trade Growth %			World GDP Growth % (RHS)

Source : Clarkson Research Services, IMF Apr 2020

Navios Maritime Containers L.P.

Container Net Fleet, Age Profile + Historical Scrapping

	Deliveries				Removals			Net fleet growth
Year	Actual		Projected	% Non-	Year	TEU		% of	Year	TEU		% of Fleet	Fleet Period
	Delivery		Fleet		End

2020 Apr	149	K	323	K	54%	2020	38	K	0.2%	2020(1)	111	K	0.5%	23,074	K
2019	1,063	K	1,128	K	6%	2019	183	K	0.8%	2019	880	K	4.0%	22,963	K
2018	1,298	K	1,667	K	22%	2018	126	K	0.6%	2018	1,173	K	5.6%	22,083	K
2017	1,177	K	1,686	K	30%	2017	407	K	2.0%	2017	769	K	3.8%	20,910	K
2016	913	K	1,341	K	32%	2016	665	K	3.3%	2016	248	K	1.2%	20,141	K
2015	1,661	K	1,889	K	12%	2015	202	K	1.1%	2015	1,459	K	7.9%	19,893	K
2014	1,525	K	1,624	K	6%	2014	376	K	2.2%	2014	1,150	K	6.7%	18,434	K
2013	1,368	K	1,840	K	26%	2013	456	K	2.8%	2013	913	K	5.6%	17,284	K
2012	1,274	K	1,578	K	20%	2012	349	K	2.3%	2012	925	K	6.0%	16,371	K

Removals

Year	Total (,000 TEU)	% of Fleet
2004	9.0	0.14%
2005	4.4	0.06%
2006	26.7	0.32%
2007	26.6	0.28%
2008	108.5	0.99%
2009	380.8	3.08%
2010	150.4	1.15%
2011	94.6	0.66%
2012	348.8	2.26%
2013	455.5	2.78%
2014	375.5	2.17%
2015	201.9	1.10%
2016	664.5	3.34%
2017	407.3	2.02%
2018	125.8	0.60%
2019	182.6	0.83%
2020	38.5	0.17%

Source: Clarksons; Unless noted, all data in TEU; Provisional through 5/4/20

Container Fleet Age Profile (% TEU)
25%
20%
15%	13.3%	4.73 M TEU

10%

5%	5.6%
0%	1.6%
25+ yrs	20-24 yrs	15-19 yrs

Total container fleet: 5,389

2020 Deliveries: 35 ships, 149K TEU to 5/4/20

Expected 2020 net fleet growth ~ 2.2%*

2019 net fleet growth 878 K including

1,063 K delivered - 183 K removed

(1) Net Fleet Growth reflects provisional deliveries and scrapping thru 5/4/20 * Expected growth basis Clarksons

Navios Maritime Containers L.P.

Containerships 2020 Non-Deliveries

Following Pandemic's outbreak non-delivery pace increased significantly

54%non-deliveries YTD
68.5% averagenon-deliveries from February to April 2020
- 258.7 K TEU expected deliveries
- 81.5 K TEU delivered
Acceleratingnon-deliveries lead to minimal net fleet growth for 2020

		Total container fleet
Non-deliveries %		92.9%	29.4%	70.4%
Actual		80,966			121,370
64,250		56,358

Expected	67,463	5,745	39,790		35,972
January	February	March	April

			10,000+ TEU
Non-deliveries %		100%	52.3%	74.9%
		56,942			95,320
Actual	38,708 23,268		31,316	23,964
0	14,952

Expected

	January	February	March	April
			100-3,999 TEU
Non-deliveries %	39.6%	76.1%	44.8%	51.5%
	40,982
Actual	24,744	24,024	13,838	25,042	26,050
	5,745		12,008

Expected
Source: Clarksons	January	February	March	April

Non deliveries %

Past three months

68.5%

78.8%

57.9%

Navios Maritime Containers L.P.

Containership Orderbook

Orderbook by year of delivery:

(Actual # vessels delivered: 2016 = 134; 2017 = 157; 2018 = 179; 2019 = 161; 2020 = 35)

Orderbook as of May 2020 of 10.0% among lowest ever as percentage of fleet(1)

'000 TEU	Non-deliveries
1,500		2020 orderbook = 1.1 M TEU

	Before non-delivery	(before non deliveries)

1,000	6%	64					Based on past three months

							68.5% non deliveries rate
							expected 2020
500		1,063	1,139	947			deliveries = ~ 0.5 M TEU



					351		Expected 2020 Net fleet
0		2019	2020	2021	2022	2023	growth ~ 1.1%(2)
			On 1/1/2020		0

			Containership orderbook skewed to larger sized vessels

'000 TEU

2,000

1,500

1,000

500

2020	2021	2022	2023	82%

0-1,999

2,000-2,999

3,000-3,999

4,000-5,099

5,100-7,499

7,500-9,99910,000-12,999

13,000+

~ 82% of containership orderbook is for vessels of 10,000+ TEU
~ 65% of orderbook is for vessels of 13,000+
TEU
~ 17% of orderbook is for vessels of 10,000 - 13,000 TEU

Source: Clarksons; 2019 Non-deliveries are preliminary

Orderbook on 5/4/20: Total= 2.31 M TEU; 2020= 0.89 M TEU; 2021= 1.00 M TEU; 2022+= 0.43 M TEU
Expected net fleet growth based on 0.46 M TEU deliveries for 2020 (68.5% non delivery rate for the remaining 8 months) and 0.20M TEU removals

Navios Maritime Containers L.P.

Containership Idle Capacity

Mid April idle capacity (adjusted for scrubber retrofits) is 5.8% compared to 2.2% in January 2020
- 385 idle containerships as of beginning April 2020
- 79 containerships were retrofitting scrubbers, of which 60 were retrofits on ships over 7,500 TEU
Total idle capacity (including vessels retrofitting scrubbers) was 9.4% in April compared to 6.1% in January 2020

TEU

1,600,000

1,400,000

1,200,000

1,000,000

800,000

600,000

400,000

200,000

of total fleet

100-999	1,000-1,999	2,000-2,999	3,000-3,999
4,000-5,099	5,100-7,499	7,500-9,999	10,000 +

Jan-2011Jan-2012	Jan-2013Jan-2014	Jan-2015Jan-2016Jan-2017Jan-2018Jan-2019
2.3%	4.1%	5.1%	4.5%	1.4%	7.1%	7.3%	2.1%	2.8%

Adjusted idle

capacity

increased 168%

since Jan 2020

1Jan20 NoRetro 13Apr20 NoRetro

2.2%5.8%

Source: Alphaliner Monthly Monitors inbcluding April 2020;

Adjusted idle basis Alphaliner Weekly 2020 Issues 02,16

Navios Maritime Containers L.P.

Cascading Benefits 4,000-5,100 TEU Vessels - Intra Asia

4,000-5,100TEU vessels' share increased by 95% in Intra Asia deployment from 2012 to 2020 making it the size with the highest deployment growth as vessels trading in Asian ports are getting bigger

NMCI Baby Panamaxfleet deployment (1)

Intra Asia deployment share per containership size

(40%)

(28%)

45%

32%

25%

95%

20%
	12%
2012	2020
100-999TEU

2012	2020
1,000-1,999TEU

	23%
18%
2012	2020
2,000-2,999TEU

	3.3
	%
3%
2012	2020
3,000-3,999TEU

	25%
13%
2012	2020
4,000-5,100TEU

NMCI Baby Panamax fleet voyages for Oct 2019 - Jan 2020. (Source: Clarksons SeaNet) Source: Alphaliner Apr 2020;

Navios Maritime Containers L.P.

7,500-10,000 TEU Vessels - Workhorses of Containerships

	In ~ 60% of worldwide containership
Worldwide containership deployments
deployments, 7,500-10,000 vessels dominate

Far East - EU		EU - US
(10,000+ teu
	Far East - US
vessels - 95%
of the trade )	18%	Africa related
	M East related

	65%	Lat Am related
	17%	Oceania related
Intra Asia	trade

Intra Europe and other

(0-5,100 teu vessels - 92% of the trade)

4.0	Million TEU	3.61

3.5
3.0		2.81

2.5		2.26

2.01.81

1.5 1.34

1.00.64

0.5

0.16

0.0

Source: Trade map based on Clarkons SeaNet (7,500-10,000 TEU mid Feb - Mid Apr 2018). Vessel deployment data from Alphaliner Apr 2020

Navios Maritime Containers L.P.

Review of Q1 2020 Results

Navios Maritime Containers L.P.

NMCI Q1 2020 Earnings Highlights

Earnings Highlights
(Figures in $'000, except per unit data)	Three Month Period Ended Three Month Period Ended	P-O-P
March 31, 2020	March 31, 2019	Variance

Revenue	$40,261	$31,832	26%
EBITDA	17,831	12,048	48%
Net Income	5,009	53	9,351%
Earnings Per Unit (basic and diluted)	$0.14	$0.00	9,351%

Fleet Summary Data
	Three Month Period Ended Three Month Period Ended	P-O-P
	March 31, 2020	March 31, 2019	Variance
Available Days	2,639	2,471	7%
Fleet Utilization	99.6%	99.7%	0%
Time Charter Equivalent (TCE)	$14,271	$12,217	17%
Active Vessels at Period End	29	28	4%

Navios Maritime Containers L.P.

NMCI Balance Sheet

Selected Balance Sheet Data (in $'000)
	March 31, 2020	December 31, 2019

Cash & cash equivalents (1)	$20,623	$18,109
Vessels and deferred dry dock and special survey costs, net	411,614	415,143
Other assets (including current and non-current)	27,243	20,762
Intangible assets	1,801	6,288
Total Assets	$461,281	$460,302
Other current liabilities	9,619	24,664
Current portion of long term borrowings, net	32,565	46,733
Long term borrowings, net of current portion	224,108	198,925
Total Partners' capital	194,989	189,980
Total Liabilities & Partners' capital	$461,281	$460,302
Net Debt / Book Capitalization	52.3%	52.2%

(1) Includes restricted cash.

Navios Maritime Containers L.P.

Appendix

Navios Maritime Containers L.P.

Navios Containers Existing Fleet

Vessel Name	TEU	Built	Employment	Exp. Date (2)	Charter Rate (1)
Navios Summer (4)	3,450	2006	TC	Nov-2020	$10,517
Navios Verano (4)	3,450	2006	TC	May-2020	$8,455
Navios Spring (4)	3,450	2007	TC	May-2020	$8,888
May-2020	$7,700

Navios Amaranth (4)	4,250	2007	TC	May-2020	$9,650
Navios Indigo (4)	4,250	2007	TC	Sep-2020	$12,416
Navios Vermillion (4)	4,250	2007	Spot	-	-
Navios Verde (4)	4,250	2007	TC	Sep-2020	$11,850
Navios Amarillo (4)	4,250	2007	TC	May-2020	$12,113
May-2020	$9,500

Navios Azure (4)	4,250	2007	DD	-	-
Navios Domino (4)	4,250	2008	Spot	-	-
Navios Delight (4)	4,250	2008	TC	May-2020	$9,134
Navios Dedication (4)	4,250	2008	TC	Sep-2020	$12,063
Navios Devotion (4)	4,250	2009	Spot	-	-
Navios Destiny (4)	4,250	2009	TC	Aug-2020	$11,454
Navios Lapis	4,250	2009	TC	May-2020 /Dec-2020	$11,152 / Index (6)
Navios Tempo	4,250	2009	TC	July-2020 /July-2021	$9,446 / Index (6)
Navios Dorado	4,250	2010	TC	Jan-2021	$13,776
Navios Felicitas	4,360	2010	TC	May-2020	$12,588
Bahamas	4,360	2010	TC	May-2020	$10,213
Bermuda	4,360	2010	TC	Sep-2020	$12,359
Navios Miami	4,563	2009	TC	June-2020	$12,541
APL Oakland	4,730	2008	TC	May-2020	$10,133
APL Los Angeles	4,730	2008	TC	May-2020	$10,001
APL Denver	4,730	2008	TC	May-2020(3)	$27,156
APL Atlanta	4,730	2008	TC	June-2020	$27,156
Aug-2020	$9,525

Navios Utmost (4)	8,204	2006	TC	May-2020	$21,231
Navios Unite (4)	8,204	2006	TC	Apr-2021	$23,160
Navios Unison (5)	10,000	2010	TC	May-2021	$26,325
May-2024	$27,300

Navios Constellation (5)	10,000	2011	TC	Nov-2020	$26,325
May-2024	$27,300

Total - 29 vessels	142,821
(1) Daily charter-out rate net of commissions, where applicable
(2) Charter expiration dates shown reflect expected redelivery date based on the midpoint of the full redelivery period in the charter agreement, unless otherwise noted
(3) Charter expiration dates shown reflect earliest redelivery date in the charter agreement
(4) The vessel is subject to a sale and leaseback transaction for a period of up to five years, at which time we have an obligation to purchase the vessel
(5) The vessel is subject to a sale and leaseback transaction for a period of up to seven years, at which time we have an obligation to purchase the vessel	26
(6) The market rate will be calculated according to the Container Ship Time Charter Assessment Index (ConTex) as published for a 4,250 TEU vessel for a 12-month period

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Navios Maritime Containers Inc. published this content on 07 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2020 22:08:03 UTC

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